At Peak Title Professionals, one of our most important goals is to provide more transparency into the title and closing process. The Peak Title Professionals, Portal is our title and closing technology platform built with that goal in mind.
One of the key features included in the Portal is our Status Tracker. When your transaction first gets submitted to Peak Title Professionals, that triggers an open transaction, which contains all the relevant documents, and sets the tasks which will need to be completed before your transaction can close. These tasks correspond to stages, which are tracked by our Status Tracker.
In this article, we’re going to break down how the transaction tracker works and what information it provides.
The first step in tracking the progress of your transactions is to log into the Peak Title Professionals, Portal. The welcome email you’ll receive upon submitting a transaction contains an invitation to create a Portal account. When you click the link, you will be invited to log into the account created for you. Upon login, you will see your transaction and the Status Tracker.
The Status Tracker breaks up the process into seven key stages. Each of these stages has a number of associated tasks. It’s important to note here that no two transactions are necessarily alike. Each will involve its own nuances, which necessitates different types of tasks.
Here are the stages and the typical tasks associated with each one:
Order Received: this stage involves the initial set-up tasks when we first receive a transaction. This includes opening the transactions and assessing the purchase agreement or title order.
Information Gathering: this stage involves the bulk of title work and tasks associated with gathering the necessary information in order to create the settlement statement and prepare the closing documents. Tasks include obtaining information sheets from each party, ordering the title search, obtaining the title commitment, clearing title issues, obtaining information regarding lien, mortgage and other payoffs, homeowner’s association information, and other similar tasks.*
Closing Document Preparation: once necessary information is gathered and title clearing tasks are completed, the team can begin preparing documents for closing. Tasks in this stage include preparing the settlement statement, preparing escrow documents, building the disbursement documentation, scheduling the closing, and any other task needed to prepare the transactions for closing.*
Closing: once all documents have been prepared and the closing is scheduled, the next stage is the closing itself. Tasks in this stage include distributing documents for signature, deploying mobile notaries if needed, obtaining signatures from the parties, and completing all closing tasks.*
Funding and Disbursement: now that closing is complete, all funds can be disbursed. This will include processing payoffs for liens and mortgages, paying any homeowner’s association fees or dues, and sending funds to the seller or borrower in accordance with their instructions.*
Recording: recording is the stage in which the deed and other required documentation, such as loan documents, is filed with the proper jurisdiction. We will take the necessary steps to file the deed that was signed at closing with the proper county authority. Some states require recording prior to funds being disbursed.
Policies Issued: the final stage involves issuing final title insurance policies. Peak Title Professionals, will work with the title insurer to deliver the title insurance policies to the buyer and/or lender.
The Status Tracker is tied into our transactions processing system. As our team, or other parties in the transaction, completes tasks within that system, the tracker is following those tasks. Once all tasks are completed for a particular stage, progress will automatically update. For most stages, you will also receive email notifications when a stage milestone has been reached.
The Status Tracker is the best way to follow the progress of your transaction. It will update automatically as tasks are completed, and you will be able to see those specific tasks beneath the progress bar. We encourage you to follow along with your transaction. If you have questions about the status of your transaction, please reach out to us through the Portal or our Contact page.
*Your transaction will be handled by an attorney where required by law, including Georgia, North Carolina, and South Carolina.
The information provided in Peak Title Professionals, does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.
